Outsourcing Your Insurance Claims Handling to Reduce Loss Ratios
Your Clients’ Claims Could Be a Stumbling Block to Your Company’s Growth
Claims handling is becoming more and more demanding. Especially in the case of marine losses, where unforeseen issues tend to arise throughout the lifecycle of a claim.
You must be prepared to respond to the unexpected on the spot, which takes:
Time
Claims handling services work against the clock
Claims processing involves repetitive tasks that eat up a good chunk of your working hours.
Clients expect you to be available 24/7, and to react swiftly when they report a claim.
Marine claims may become time-barred, which you have to avoid at all costs.
Staff
Managing claims handling staff is a juggling act.
The ups and downs of claims volumes put your staff capacity to the test.
Your team spends so much time putting out fires that they can’t take on more complex cases or nurture relationships.
Hiring new staff in the face of a surge event doesn’t solve the issue. You need skilled claims people who can respond effectively from day one.
Marine Knowledge
Processing a marine insurance claim requires:
Technical knowledge of vessels in the case of hull insurance.
A deep understanding of international maritime law.
A global network of professional partners, allowing you to deal with authorities in different jurisdictions.
As if That Were Not Enough, Marine Claims Are on the Rise
According to Lars Lange, Secretary General of the International Union of Marine Insurance:
“There is concern that a revitalized shipping & offshore industry will generate additional claims which may, in turn, impact on future profitability.”
So, new challenges lie ahead, such as:
What with the Frequency and Severity of Claims Rising, the Profitability of Marine Insurance Is Looking Dire
Let’s call a spade a spade.
An increase in the volume of claims you handle in-house will have an impact on:
- Your overhead costs – You may have to hire new staff, with the resulting increase in your expenditure on personnel, or procure additional equipment.
- Your productivity – Your claims handling team may be drowning in admin, which will lead to processing delays.
- Your customer retention – Failure to keep up pace with the claims coming in may result in poor customer experience.
- Your growth – Your team won’t have time to attract more business or look after your existing clients.
- Your loss ratio – Your administration costs will rise. Besides, among the sea of claims, detecting insurance fraud before claims are paid may be challenging.
There’s no denying it. These stumbling blocks are likely to take their toll on your bottom line
But You Have a Chance To Turn Your Stumbling Blocks into Stepping Stones
Outsourcing your insurance claims handling sets you on the path to improving your loss ratio.
Check out the benefits of claims processing outsourcing
ROUND-THE-CLOCK AVAILABILITY
Provide support to claimants in every time zone 24/7.
FLEXIBILITY
Outsourcing claims handling will solve staff shortages and surge events.
GLOBAL NETWORK
Access professional marine cargo surveyors or marine claims adjusters anywhere.
TIME & COST SAVING
Reduce tedious tasks and fixed expenses by hiring claims outsourcing companies.
IMPROVED CUSTOMER SERVICE
Boost your customer retention rate by reducing your response times.
CONTROL
Take a firm grip on your claims by centralising them.
EXPERTISE
Getting legal advice in other countries is priceless when dealing with local authorities and complex hull insurance claims.
COMPLIANCE
Insurance claims outsourcing grants you access to well-versed professionals to keep abreast of regulatory changes.
Sound Too Good to Be True? Here’s How We Improved Other Clients’ Loss Ratio
Insurance Claims Outsourcing Is the Key to Streamlining Your Claims Process
Claims are an intricate puzzle. And their pieces don’t always fit together.
This is why we have put together a number of claims management services that you can mix and match, based on your needs.
Whether you are looking to outsource the whole insurance claims handling process, from first notice to settlement.
Or thinking of working with a TPA to hire qualified professionals, such as a marine cargo insurance surveyor or a marine claims adjuster.
This is your puzzle
And we make sure all its pieces fit seamlessly with our services for insurance carriers
Recoveries & Subrogation
Getting to a settlement sooner rather than later is the best way to keep your clients happy.
Which makes you prioritise the claims handling process.
This often leads to the job of recovering the incurred loss being overlooked.
Now, you could improve your marine cargo recovery rate if a claims recovery professional pursued the at-fault party immediately after subrogation.
Whether the claim occurred during maritime, air or inland transportation.
No matter which type of cargo.
We’ll recoup your financial losses by negotiating in an amicable fashion, as shown by our stats.
Survey Coordination
Marine casualties and incidents may happen anywhere, any time. And you won’t be able to determine the nature, cause and extent of the damage, unless you have “eyes and ears” on site.
A professional surveyor will provide you with unbiased data so you can make an informed decision about your insured’s claim.
But, in the process, it’s crucial to keep travel costs down and minimise the time it takes to reach the incident site.
That’s why we have created a network of qualified marine cargo surveyors operating in major strategic locations.
TPA Claims Management
As an insurer, you aim to find a balance between delivering an exceptional customer service and achieving greater operational efficiency.
You can find a happy medium by choosing the outsourcing option that best suits your needs.
Being experts in maritime law, we help you process:
Cargo claims
We provide full TPA services for cargo, regardless of the transport mode. We act swiftly to assist you with loss mitigation and salvage with a view to minimising your risk.
Hull and machinery claims
Handling hull insurance claims can be a complex process, as it may involve matters as diverse as general average, RDC & FFO claims, pollution, disputes regarding marine policies and the recovery of unpaid sums.
We strive to find alternative ways of resolving disputes and expediting the claims process.
40%
40%
gross recovery
98%
6 months
Wondering What It Will Be Like to Outsource Your Claims Management?
Our motto goes “Claims handling can also be smooth sailing”.
That’s our commitment to you. No bumps in the road or unnecessary formalities.
If you’d like to hire our claims handling services for an individual occurrence:
- You can send us your claim by clicking here and uploading your supporting documents.
- We give you our feedback within 24-48 hours.
- You receive a tracking number to trace your claim.
A piece of cake, isn’t it?
Now, we can also become an extension of your own claims team, and support you in handling a certain class of marine claim or your complete portfolio.
Would you like to find out more about our tailored claims hzandling services?
Let’s Shed Some Light on the Most Frequently Asked Questions about Insurance Claims Outsourcing
We update you on their status by means of a monthly ad hoc report.
If you need information on a specific claim, send us an e-mail including your tracking number, and we will get back to you promptly.
We work on a “No cure, No pay” basis. In other words, if we don’t collect anything, you don’t pay anything.
Our reward depends on how successful we are in recovering the costs you have incurred. And we will only charge a percentage of what is achieved in negotiation after the money is in your pocket.
On average, it will take us 6months to settle your claim (between 2 and 3 for the actual processing plus another 5 for recovery).
Having said that, each case is different, and some claims may settle faster than others.
